British MasterCard cardholders will be the first European consumers to have access to MasterPass, a digital wallet that allows consumers to store any payment card or enabled device to make purchases.
Retailers like House of Fraser, The Hut Group, Seetickets.com, Argos, HQ Hair, Seraphine and Boots UK will offer the service to their customers.
The introduction of MasterPass comes as e-commerce growth in the UK continues to surpass retail sales. Data from MasterCard showed that e-commerce sales in the UK increased by more than 12 percent in May, compared to just three percent for retail sales.
“For retailers, MasterPass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments,” MasterCard UK and Ireland President Marion King said. “MasterPass can help retailers reduce checkout abandonment rates, which affected 37 percent of all online transactions in the first quarter of 2013, equating to more than [$9.12 billion] in much needed revenue per year according to IMRG and Capgemini. UK consumers spend more than [$94 billion] a year online.”
The full MasterPass suite includes checkout services, the digital wallet service and value-added services, such as loyalty programs and offers.